The company CFO has family ties to what is a family owned business. The CFO’s father worked for the company his entire life, having served as president for 26 years. The company has $35 million in annual revenue, no debt, operates only in cash, and saves for times when it needs to invest in new equipment or systems.
The CFO came from a financial services background and feels that she has a “different relationship” with banks because the company is not leveraged at all, so it’s not looking for loans or lines of credit. The company has $8-9 million on deposit in banks and less than $400,000 in investments.
The CFO characterizes the company’s owner as “very conservative.” Over the past 7 years, the business has become increasingly cash heavy. She began “squirreling” money across different business entities and attempting to manage $250K money market accounts around the city, and notes that this became “painful.”
The CFO approached one of her banks with her problem. The bank presented ICS® as a solution several times. It took her awhile, but she was finally able to convince her boss that it was “not worth my time to run around to different banks!” From a due diligence perspective, the CFO explains that she checked out Promontory Interfinancial Network thoroughly: “they were very helpful, transparent, and honest.”
CFO, Industrial Pump Distributor